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Century Aluminum Reports Third Quarter 2006 Earnings

MONTEREY, CA -- (MARKET WIRE) -- October 24, 2006 -- Century Aluminum Company (NASDAQ: CENX)
reported net income of $173.9 million ($5.36 per basic share and $5.26 per
diluted share) for the third quarter of 2006. Reported third quarter
results were positively impacted by an after-tax gain of $134.6 million
($4.15 per basic share and $4.06 per diluted share) for mark-to-market
adjustments on forward contracts that do not qualify for cash flow hedge
accounting.

In the third quarter of 2005, the company reported a net loss of $20.1
million ($0.62 per basic and diluted share), which included an after-tax
loss of $36.4 million ($1.13 per basic and diluted share) for
mark-to-market adjustments on forward contracts that do not qualify for
cash flow hedge accounting.

Third quarter 2006 highlights included:

-- All of the pots from the Nordural capacity expansion from 90,000 to
220,000 metric tons per year (mtpy) were energized in September. The
expansion remains on schedule and budget and the plant is expected to reach
full rated capacity of 220,000 mtpy by year-end 2006.
-- A three-year labor agreement covering 580 hourly workers was ratified
by the United Steelworkers at the Ravenswood, West Virginia smelter.
-- As a result of a notice to strike by the United Steelworkers (prior to
the ratification of the agreement) one potline at the Ravenswood smelter
was shut down and subsequently restarted. This action resulted in lost
production of approximately 8,000 tonnes during the quarter.

Sales in the third quarter of 2006 were $381 million, up over 40 percent
from $271 million in the third quarter of 2005. Shipments of primary
aluminum for the quarter totaled 374 million pounds compared with 337
million pounds in the year-ago quarter, reflecting the impact of the
Nordural expansion less the production curtailment at Ravenswood.

Net income for the first nine months of 2006 was $78.2 million ($2.41 per
basic share and $2.38 per diluted share), which compares to $32.4 million
($1.01 per basic and diluted share) for the year-ago period.

Sales in the first nine months of 2006 were $1,134 million compared with
$839 million in the same period of 2005. Shipments of primary aluminum for
the first nine months of 2006 were 1,098 million pounds compared with 1,014
million pounds for the comparable 2005 period.

"Lower operating results in the quarter compared to the second quarter of
2006 were primarily a result of a decline in the market price for aluminum
and the Ravenswood potline shutdown," said president and chief executive
officer Logan W. Kruger. "Our performance during the quarter was also
impacted by operating costs at Nordural related to the start-up of the
expansion as well as higher U.S. energy costs.

"Despite these challenges, we made important progress during the quarter.
The major expansion at Nordural is nearing completion and remains on
schedule and budget. We are continuing to make progress with our greenfield
project at Helguvik, Iceland. The labor agreements at Ravenswood and
Hawesville support the longer-term future of these smelters. With these
developments, we are well positioned for the fourth quarter and beyond."

Century Aluminum Company owns primary aluminum capacity in the United
States and Iceland, as well as an ownership stake in alumina and bauxite
assets in the United States and Jamaica. Century's corporate offices are
located in Monterey, California.

This press release may contain "forward-looking statements" within the
meaning of U.S. federal securities laws. The company has based its
forward-looking statements on current expectations and projections about
the future; however, these statements are subject to risks, uncertainties
and assumptions, any of which could cause the company's actual results to
differ materially from those expressed in its forward-looking statements.
More information about these risks, uncertainties and assumptions can be
found in the risk factors and forward-looking statements cautionary
language contained in the company's Annual Report on Form 10-K and in other
filings made with the Securities and Exchange Commission. The company does
not undertake, and specifically disclaims, any obligation to revise any
forward-looking statements to reflect the occurrence of anticipated or
unanticipated events or circumstances after the date such forward-looking
statements are made.